Results 17,721-17,740 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And then you got a letter directing you, from the then Minister Cowen, on 19 December 2007 to place deposits with the banks. How did you feel about that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And that advice essentially confirmed that you had to honour the direction, is that the case, Dr. Somers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. And then, by June 2008, the NTMA had a total of €790 million in the Irish banks, against your will, as such, but you were directed to do so.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And should the fact that the NTMA demonstrated such a lack of confidence in the Irish banks have really sent a warning to the Central Bank, to Government at that stage that you had serious concerns, and that those should be acted on?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Okay. In relation to NAMA, Dr. Somers, can I ask you to comment further on your statement, which is on page 8, that, even when loans are transferred to NAMA, participating banks should still be pressed to recover those loans themselves, as they knew "where the bodies were buried". Was there an assumption that the existing management in banks would not be in a position to objectively assess...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Finally, Dr. Somers, can you explain why the Minister for Finance which would have been Brian Lenihan requested you to visit Jean-Claude Trichet, given that the Minister would have had regular contact with Mr. Trichet and his officials? This is in relation to the €60 billion sum that you were seeking for NAMA. So can you comment on that and can you give us some background on how the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Did you get the €60 billion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Who gave you the figure? Was it the Department said it's €60 billion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Were you given a file? Was there paperwork around-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Just a figure of €60 billion in your head?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Thank you very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Yes, thank you very much, Chair. Dr. Somers, you retired from the NTMA in December 2009? Is that correct? So, did you have any sense at that stage of the fact that, within a year, Ireland would end up in a formal bailout programme and what do you believe were the factors that led to that over the course of 2010? Given that you were there up to the end of 2009, did you see the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Do you still believe, Dr. Somers, that the operation of NAMA played a significant role in Ireland entering into a programme? You wrote an opinion piece in November 2010 on The Irish Times,which was really scathing of NAMA. So ... and you actually said, "What was really brought us to our knees as a country is the inevitable but calamitous consequences of working the NAMA project." You say:...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: And you were pointing the finger at NAMA.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: But you didn't, so-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Michael McGrath: Is that still your view is what I'm asking?
- Central Bank (Variable Rate Mortgages) Bill 2015: Second Stage (Resumed) [Private Members] (8 Jul 2015)
Michael McGrath: I am delighted to wrap up the debate on this legislation. I thank all the Deputies from all sides of the House for contributing to what has been a very good debate. This Bill is intended to help mortgage holders. It is an honest effort on the part of Fianna Fáil to come up with a solution to the issue of excessive standard variable mortgage rates being charged to about 300,000...
- Central Bank (Variable Rate Mortgages) Bill 2015: Second Stage (Resumed) [Private Members] (8 Jul 2015)
Michael McGrath: I hope the Government will not call a vote on it.
- Central Bank (Variable Rate Mortgages) Bill 2015: Second Stage (Resumed) [Private Members] (8 Jul 2015)
Michael McGrath: We are discussing a Bill, not a motion.